FAQ

FAQ

FAQs – QUESTIONS & ANSWERS

Where are you located?

Chicago Loan Company is located on the twelfth floor of the Heyworth Building on Madison Street between State Street and Wabash Avenue. Our address is:

29 East Madison Suite 1215
Chicago, IL 60602

We can be reached via email at info@chicagoloan.com and via telephone at 312-236-2929.

If you are in need of our services on the East Coast, our sister store, New York Loan Company, is located in the International Gem Tower in Manhattan’s Diamond District, and if you are in need of our services of the West Coast, our other sister store, Beverly Loan Company, is located in the heart of Beverly Hills.

How do you compare to other pawnshops in the Midwest?

Chicago Loan Company prides itself on being one of the premier high-end luxury pawnshops in the country. We possess the expertise to purchase and loan against unique, one-of-a-kind collateral. With over 130 years of experience, our family-owned business has earned an impeccable reputation. We are able to offer competive loan amounts due to the proficiency of our GIA trained loan officers and industry experts and our longstanding relationships with buyers on both Coasts.

No matter the size of the transaction, every pawn loan is conducted with unparalleled professionalism in the comfort of a private office. Furthermore, we make every effort to protect our clients’ privacy and confidentiality. Customer service and discretion are the cornerstone of our business.

Do I need to make an appointment and where should I park?

We have an open-door policy, but calling in advance is always suggested. There are several parking lots nearby and public transportation is in close proximity to the building.

What is a pawn loan?

A pawn loan is a collateralized loan where the value of your collateral is all that matters, not your credit score or financial circumstances. Our four-month loans are non-recourse and completely confidential; we only report to the authorities as required by law. Should you require additional time for your loan, arrangements can be made to extend your loan term. Your collateral is redeemed and returned to you, which is always our goal, once the principal and accrued interest is paid. Please click here to learn more about our loan process.

Are there any requirements to qualify for a pawn loan?

Pursuant to Illinois State law, you must be at least 18 years of age and have a government-issued ID (driver’s license, passport, identification card) to receive a pawn loan.

In many cases, we may request provenance, receipts, or certificates of authenticity to make a loan. Please refer to the specific pages under the “Assets” tab at the top of this page, or contact us for more information.

What are the loan terms?

Chicago Loan Company offers four-month loans. All loans are non-recourse and all interest rates and loan terms are governed by federal, state and local law.

We pride ourselves on being completely transparent and charging absolutely no hidden fees. Pawn tickets have a clear breakdown of all costs associated with the loan. Unlike some of our competitors, Chicago Loan Company does not take any fees at the front end of your loan, meaning the entire amount, including interest and fees, are paid only when you redeem your item or rewrite the loan. Our loan officers are pleased to answer any questions you may have regarding the loan process.

What types of payment do you provide/accept?

While the majority of our clients prefer cash, we can also provide payment via business check, cashier’s check, money order or wire transfer.

We accept interest payments in the form of cash, cashier’s check, money order, wire or PIN debit.

How long does the loan take to complete?

We make the loan process as quick and simple as possible. Transactions typically take no more than 30 minutes, however the more collateral that we appraise, the longer the process will take. The majority of the time is spent writing detailed descriptions of the collateral and attempting to provide the most competitive valuation for your collateral.

What types of collateral do you loan against?

While we primarily make pawn loans against gold, platinum and diamond jewelry and fine watches, we also have significant expertise in other luxury items, including contemporary and modern art and one-of-a-kind entertainment and sports memorabilia. We also purchase and loan against auction-worthy handbags, sterling silver flatware, extremely fine wines and rare coins. Unfortunately, we do not accept any household items, including electronics, tools or musical instruments.

To see a complete list of collateral that we accept, please see the “assets” tab at the top of this page.

How do you authenticate and value jewelry and watches?

We are not the type of collateral lender or buyer who simply loans or purchases based on gold weight. With over 75 years in business, we are keenly familiar with market fluctuations and the premium that signed goods carry (e.g. Graff, Harry Winston, Cartier, Tiffany & Co., Rolex, Van Cleef & Arpels, Patek Philippe, Audemars Piguet). Chicago Loan Company employs GIA graduate gemologists to authenticate and value diamonds and gemstones. We can pay a premium for many items based on our longstanding relationships with dealers in the trade on both Coasts.

Each item is authenticated on a case-by-case basis, as no two items are exactly alike.

How do you authenticate and value of art/memorabilia?

We ask that the client compile an email with photographs of the potential collateral and any relevant information, specifically the provenance. Upon receipt of the email, we will conduct our due diligence. This process can take up to 24 hours or more, as we must often consult with other experts and pull comparable auction records in order to determine the most competitive valuation possible.

Please be aware that we cannot make a firm offer until we see the collateral in person. To learn more about the types of collateral we accept and about the process and paperwork necessary for each collateral type, please see the “Assets” tab at the top of this page.

Can you provide quotes over the phone?

In most cases, we cannot provide a quote over the phone. In order to provide the highest loan amount possible, we must personally authenticate, inspect, and appraise the specific attributes of your collateral prior in person to making an offer.

Will you make an outright purchase?

If you have no desire to receive a loan against your collateral, we are happy to make an outright purchase.

What security measures do you have in place? How do I know my collateral will not be damaged/switched?

Chicago Loan Company utilizes significant security measures, including a state-of-the-art alarm system and video surveillance. All collateral is afforded the highest level of protection either on the premises or in a secure and undisclosed bank vault.

Please be reminded that our family-owned business has been in continuous operation since 1881, and we have never lost, broken, or misplaced any collateral. We handle all collateral with the utmost respect and care, packaging it safely and securely while in your presence.

Can I also purchase jewelry/watches?

We have a jewelry showroom where we offer dealer prices to the public at large, making Chicago Loan Company an exciting place to shop. No matter the occasion, visit our office to browse our showcase. Our inventory and prices will not disappoint.